Definition of Internal Audit

Definition

According to Watter B. Meigs “Internal auditing consists of a continuous critical review of financial and operating activities by a staff of auditor’s function as full-time salaried employees”

According to The Institute of Internal Auditor’s, USA, “Internal auditing is an independent appraisal function established within an organization to examine and evaluate its activities as a service to the organization. It is a type of control which functions by measuring and evaluating the effectiveness of other types of control”